The study reviews the experience of Kazakstan with financial reform. After establishing a two-tier banking system with the National Bank of Kazakstan as the central monetary authority, banks were separated between deposit taking institutions and investment banks. The priorities of the monetary...

The paper analyses data from the survey of 701 Kazakhstani firms over a nearly 2-year period from the second quarter of 1998 through the fourth quarter 1999, making it possible to examine employment changes for period prior to, during and following the Russian financial crisis of August 1998....

This paper analyses the connection between resource nationalism and financial sector intervention in the FSU countries. We consider recent financial development in the FSU and the special features of energy rich emerging economies (Russia and Kazakhstan, in particular) which are influencing...

We empirically model the causes of corruption and test the economic development–corruption link in energy-rich economies, using data from 48 countries with energy resources. The results indicate that energy abundance may not necessarily hurt economic development in energy-rich countries,...

This paper discusses the contribution that oil funds can make to the policy challenges facing resource-rich countries. To set the stage, it reviews the potential role of such funds in the broader context of macroeconomic and energy policies – taking into account uncertainty about oil prices,...